Kumar also added that petrochemicals sector can play a decisive role in employment generation.

The minister was speaking at the 4th National Awards for Technology Innovation in Petrochemical and Downstream Plastics Processing Industry, organised by the Central Institute of Plastic Engineering and Technology (CIPET).

"There is tremendous potential in the petrochemicals sector and we are looking to set up more hubs as it will also generate employment opportunities," Kumar said while addressing the gathering here.

Under the Petroleum, Chemicals and Petrochemical Investment Regions (PCPIR) policy, government had approved the setting up of four PCPIRs viz, Vishakhapatnam in Andhra Pradesh, Dahej in Gujarat, Paradeep in Orissa and Cuddalore in Tamil Nadu.

Kumar assured that all the projects will be cleared on time.

"These regions would provide world class infrastructure and would be the destinations of future investments by various enterprises," he said.